My Favorite Podcasts

Podcasts are my second favorite way to consume information (behind books, of course!). I absolutely love how there are so many available with hosts who just want to provide value to others. And they’re all free! I listen to A LOT of podcasts and have for years. I mostly listen to podcasts that focus on personal finance, personal development, and real estate, and these are my favorites.

Personal Development

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The Daily Stoic

Ryan Holiday is the host of The Daily Stoic, in which he talks about life in the context of Stoicism – an ancient philosophy that focuses on self-improvement in all areas of our lives. I like the format of this one: they do a few short, 2-5 minute podcasts during the week, and a longer 45-60-minute episode on the weekend. Ryan is highly intelligent and it’s immediately apparent. He discusses the various weaknesses inherent to humans and how we can strive to overcome and improve on a daily basis. He also ties in current events and problems and how the advice of the Stoic philosophers (Marcus Aurelius, Seneca, and others) are still relevant 2,000 years later.

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Filling the Storehouse

Stu Grazier and David Gutierrez are experienced real estate investors – but real estate isn’t the main focus of this show. Rather, they focus on “Faith, Family, and Financial Freedom”. Stu and David were roommates back at the United States Naval Academy and have been bro’s ever since. It really shows on the podcast, as they are always making jokes and laughing at each other. They bring on awesome guests to discuss topics such as leadership, giving, gratitude, finding your why, and having the right mindset. I always feel motivated after listening to this one!

Investing

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Investing for Freedom with Mike Ayala

This podcast is relatively new, but you won’t be able to tell by listening to it. Mike Ayala is a successful entrepreneur and business owner who genuinely wants to help others achieve their investing goals. He provides motivating advice and engaging interviews with other interesting, successful people. He’s a member of Gobundance (a mastermind for healthy, wealthy, well-rounded men) and anyone in Gobundance is worth following closely. Mike had his wife, Kara, as a guest a couple of times, and they offered up some great relationship advice as well. This is one of few podcasts that I listen to pretty much immediately after they are released on iTunes.

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Afford Anything with Paula Pant

Paula is an excellent host and interviewer with a wealth (pun intended) of knowledge about personal finance, investing, and real estate. She meticulously researches topics and guests and produces an extremely professional and informative podcast. She asks fantastic questions to her guests and provides a lot of value to the listener. I have learned so much about personal finance from her podcast. I wish she would talk more about real estate because she knows a lot about it (only about 30% of the show is RE focused), but I understand that she wants to keep the show more broadly focused on personal finance as a whole. She is a mainstay of the F.I.R.E. (financial independence, retire early) community, so when she interviewed Suze Orman – an outspoken F.I.R.E. hater – I knew it would be a great episode. Suze roasts the community, but Paula maintains her professionalism and waits until a follow up episode to “address” Suze’s scathing opinions on the concept of early retirement. It’s a must-listen!

Real Estate

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The Bigger Pockets Real Estate Podcast

This is the podcast that got me into real estate. A friend told me about it 5 years ago, and I’ve been a regular listener ever since. They cover a wide spectrum of real estate topics from beginners getting started to interviews with massively successful tycoons. When it began, it was hosted by Josh Dorkin and Brandon Turner, but Josh has since left the podcast and was replaced by David Greene. Brandon and David are extremely knowledgeable about real estate and have helped many people get started and succeed in real estate. Bigger Pockets has published many great books on the subject as well, and http://www.biggerpockets.com is another valuable resource for those interested in learning more.   

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The Real Estate Guys

This one is hosted by Robert Helms Jr and Russell Gray. They have been doing a real estate radio show since long before podcasts existed, and they are buddies with Robert Kiyosaki and many other hugely successful people. What I like about this show is that they frequently talk about real estate on a macro level and have topics you don’t hear about on other shows. For example, they just interviewed PhD economist Richard Duncan who works for the IMF (International Monetary Fund) who talked about the long term economic impacts of COVID-19. It’s episode #2,028 (yeah, they have a lot of episodes!).

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Real Estate and Financial Independence Podcast

Chad Carson is the man! He wrote my favorite book about getting started in real estate (Retire Early with Real Estate – a must read) and his podcast provides a lot of fantastic info as well. Chad is an excellent teacher. His simple but effective methods are ideal for the novice investor. He recently started interviewing real estate investors that only have a few deals under their belts, but are making money and learning a lot along the way. I like this because it shows the listener that anyone can be successful in real estate no matter your income level or background. A must-listen for beginners!

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The Real Estate Syndication Show with Whitney Sewell

Whitney is a fellow military bro who got into real estate syndication a few years ago. A syndication is when a group of investors pool their money to purchase assets they would not be able to purchase alone. Whitney is somehow able to produce a new show daily, and he has a different guest each episode who shares their journey in real estate. Even if you’re not interested in syndication right now, this show is definitely worth listening to. Whitney and his guests have insightful discussions about all aspects of real estate. He’s all about helping people as well, and will respond if you reach out to him!

I hope you liked this article. Please share with a friend and follow @honorandequity on Instagram. I love connecting with people and chatting about personal finance and real estate!

Are You Financially Ready for Your First Investment Property?

There are countless stories of individuals buying multiple homes they could not afford in the buildup to the 2008 housing market collapse. Many of these individuals had to file for bankruptcy as a result of their financial decisions. Every day, people buy homes they shouldn’t buy, and this is true for investment properties as well. Just because the bank will give you a loan for a property, doesn’t mean you are financially ready to buy that property. The banks are looking out for their bottom line – not yours.

So what are some things you should think about before you get that first investment property? Let’s dig in.

Get Your Personal Finances in Order

Ideally, you should have no consumer debt with the exception of a mortgage on a primary residence. Consumer debt usually comes with higher-interest rates and includes ‘bad debt’ like car payments, credit card debt, and pay-day loans. Before you buy investment properties, you should aggressively pay down these loans and free yourself from them. Dave Ramsey has a great strategy for helping people become debt-free. Paying these loans off ties into the next step: raise your credit score! Lenders need to see that you are a ‘good borrower’ which means you have steady income and you pay all your bills on time. You should target at least a 700 credit score.

You will also need cash reserves to cover surprise capital expenditures, vacancy costs, and repairs. I set aside $5,000 in a high-yield savings account per property. There are different ideas and techniques for addressing cash reserves, and I’ll admit mine is more conservative than most but it makes me sleep better at night. For example, if Stephen owns three properties, he would need to have $15,000 set aside for cash reserves, and get that number to $20,000 before he buys a fourth. Important disclaimer: These real estate cash reserves are different from your personal ‘emergency fund’ for unexpected personal expenses.  

Ok let’s sum up these up:

  1. No consumer debt.
  2. Raise your credit score to at least 700.
  3. Have sufficient real estate cash reserves.

Make Sure Your Spouse/Partner is 100% on Board

People love surprises – but surprising your husband or wife with an investment property is a terrible idea. It’s a big financial decision, so you should make sure you and your spouse are in agreement. Many times, an individual will have a much higher risk tolerance than their spouse – and this is totally normal. You should sit down and have a serious conversation to determine your shared risk-tolerance, long-term goals, and strategies you are comfortable using to achieve those goals. Maybe your spouse isn’t ok with you doing a long-distance fix-and-flip with someone you met on the Bigger Pockets forum, but they would be ok with investing in an apartment syndication with someone you both know and trust. The bottom line is: you have to communicate with your spouse/partner and ensure you’re both on the same page before you commit to investing in anything – especially real estate.

Educate Yourself about Real Estate

This one may seem obvious, and if you’re reading this article you’re already doing it! You must educate yourself about the type of real estate in which you want to invest. There are so many fantastic and free resources out there. I’ve learned most of my real estate knowledge through podcasts and there are hundreds of different shows to choose from. The Bigger Pockets podcast is a great place to start, and I will probably do another article soon about my favorite real estate and personal finance podcasts so make sure you check back often and follow @honorandequity on Instagram for the latest updates.

My second favorite way to learn about real estate is through books. The real estate book I recommend the most is Chad Carson’s “Retire Early with Real Estate” which is designed for a beginner real estate investor. Chad – who has an excellent podcast as well – does a great job of explaining the basics of real estate investing.

Real estate is a powerful way to build long-term passive income, but it’s a big commitment. You and your family must be financially and mentally prepared before you begin the process. Otherwise, you may find yourself in a terrible financial position.

As Warren Buffett wisely said: “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes”.

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